Financing in 66853>Question Details

Shar, Home Buyer in 66853

Modular vs.Manufactured. Recently I was informed that financing for manufactured homes has become easier to get than modular loans because of land

Asked by Shar, 66853 Sat Sep 5, 2009

appraisal issues. I was under the understanding that interest rates for modulars were generally less than for manufactured homes. Also I was under the impression that Usda loans usually leaned more towards modular than manufacturing has this possilby changed also?

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It is my understand there are only a limited amiunt of Lending banks and investors that are willing to provide a loan on a hud code manufactured house. The manufactured homes have a metal frame under them, and usually have wheels axles and a hitch attached. Mfg home have a vehicle title that needs to be purged before the home and land under them can be considered as real estate.
You are correct in the fact that USDA rural devlopment loans do favor ubc or irc modular homes. It is almost impossible to get a hud code manufactured home refinanced after they have been located on a site more than 2 years.
The newer modular homes have the appearance of site or stick built homes, and often it is difficult to tell them apart. Manufactured home still look like the double wide trailer they were first built as.
I hope this helps answer some of the ?? you may have. I have studied both types of homes as a certified residential appraiser. Jane
0 votes Thank Flag Link Sun Oct 4, 2009
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